Bob transfers assets with a $100,000 FMV (basis $60,000) and $70,000 of business-related liabilities to a corporation in exchange for 100% of the corporation's stock with a FMV of $30,000. The corporation assumes the $70,000 mortgage. The transfer qualifies under Sec. 351. What is Bob's gain recognized on the transfer? Group of answer choices $10,000 $40,000 $0 $30,000

A shareholder sells public securities to a corporation, and files a section 85 election to have a transfer/sale price of $60,000. The fair market value (FMV) and adjusted cost base (ACB) of the securities are $220,000 and $60,000 respectively. As consideration for the transfer, the corporation issues a $50,000 note, preference shares worth $150,000 and common shares worth $20,000. What are the tax costs of the various assets to the shareholder? The note - $50,000, the preference shares - $nil, and the common shares $10,000. The note - $50,000, the preference shares - $132,353 ($150,000/$170,000 total share value issued), and the common shares $37,647 ($2,000/$170,000 total share value issued). The note - $60,000, the preference shares - $150,000, and the common shares $10,000. The note - $50,000, the preference shares - $10,000, and the common shares $nil.

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Mr. Beaver and Ms. Duck decide to form a new corporation named BD Inc. Mr. Beaver transfers $20,000 cash, equipment (FMV $40,000; adjusted tax basis $41,500) and business inventory ($20,000 FMV; adjusted tax basis $12,000), and Ms. Duck drafts the legal documents and designs the accounting and information systems for BD. These services are valued at $10,000. BD issues 1000 shares of common stock to its two shareholders. a. How many shares should Mr. Beaver and Ms. Duck each receive? Beaver __________ Duck __________ b. Compute Mr. Beaver’s realized and recognized gain on his exchange of property for stock, and determine his tax basis in his BD common shares. Beaver realized gain ______________ Beaver recognized gain ___________ Beaver’s basis in BD stock _________ c. Compute Ms. Duck’s realized and recognized gain on her exchange of services for stock, and determine her tax basis in her BD common shares. Duck realized gain ______________ Duck recognized gain ___________…

purchased 100 units of a private company's shares for $450 in 2020. If he sold the 100 units for $600 in 2021. What is the capital gain or loss on his disposition in 2021 One-half of capital gain is treated as taxable capital gain and one-half of capital loss is deductible as allowable capital loss.     True   False What are the two major treatments of a superficial loss on a sale and repurchase of identical properties by an individual?   Question 11 options:   a)  Loss deducted and same loss added to income   b)  Loss disallowed and same loss added to ACB of substituted property   c)  Loss decreased in the year and same loss disallowed in the future year   d)  Loss changed to gain and same loss is adjusted to cost of sold property

What is the stock basis for Harold in the following: Harold transfers the following to a newly formed corporation: Land (basis of $50,000 and FMV of $100,000) Building (basis of $50,000 and FMV of $400,000) Accounts payable of $10,000 (for business supplies) Notes Payable 1 for building improvements of $185,000 Oa Zero (original basis plus gain recognized less liabilities transferred) Ob s05,000 the gain recognized Oc $5,000 (the gain recognized less original basin) Od $100,000 ($50 - 150) O. 1S05,000) (8100,000 basis less 8195,000 gain)

George transfers the following (assume it is a 351), what is his stock basis? Land (basis $40,000 and FMV of $100,000) Notes payable on land for land improvements ($25,000) He also gets back $10,000 in cash from transfer O a. $15,000 O b. Zero Oc $30,000 Od $40,000 Oe $5,000

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Required information Kevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed $245,000 in cash. Kevan contributed the following assets: Kevan: Cash Land* Totals Tax basis Fair Market Value *Nonrecourse liability secured by the land equals $210,000. Each member received a one-third capital and profits interest in the LLC. Note: Leave no answer blank. Enter zero if applicable. Round to the nearest whole thousand. Basis $ 15,000 120,000 $ 15,000 440,000 $ 135,000 $ 455,000 g. If the lender holding the nonrecourse liability secured by Kevan's land required Kevan to guarantee 1/3 of the liability and Jerry to guarantee the remaining 2/3 of the liability when Albee LLC was formed, what are the members' tax bases in their LLC interests? Kevan $285,000 X Answer is complete but not entirely correct. Jerry $ 285,000 $ Dave 285,000

Zhang incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation's stock. The property transferred to the corporation had the following fair market values and adjusted bases: FMV Adjusted Basis 60,000 $ 30,000 Inventory Building Land Total 450,000 690,000 $1,200,000 300,000 900,000 $1,230,000 The corporation also assumed a mortgage of $100,000 attached to the building and land. The fair market value of the corporation's stock received in the exchange was $1,100,000. The transaction met the requirements to be tax-deferred under $351. (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Assume the corporation assumed a mortgage of $1,300,000 attached to the building and land. Assume the fair market value of the building is now $750,000 and the fair market value of the land is $1,590,000. The fair market value of the stock remains $1,100,000. e. How…